As the certifying body for management consultants in the U.S. and founding member of the International Council of Management Consulting Institutes (ICMCI), IMC USA plays a unique role in the management consulting industry. This has never been more evident than the past three years as the pandemic accelerated unprecedented changes in business dynamics, challenging organizations to adapt swiftly and strategically. In this context, Certified Management Consultants (CMC®) play a pivotal role in guiding businesses through these turbulent times. Comprehending the intricacies of the management consulting industry enables CMCs to stay abreast of evolving methodologies, emerging technologies, and shifting client needs. With this in mind, here’s a brief overview of the outlook for the management consulting industry.
The pandemic, lockdowns and restricted trade have all had an impact on the management consulting industry. While still overshadowed by the pandemic, there seems to be a positive outlook developing as a result of the ongoing lifting of lockdown measures. According to research, management and strategy consultants will continue to have good job opportunities. The Department of Labor is forecasting 14 % employment growth through 2028, which is much faster than the average for all other occupations. Further research indicates that industry revenue growth will accelerate through 2026, due to the projected expansion of business budgets, which will enable companies to increase their spending on management and strategy consulting services.
At the same time, globalization continues to be a major driver for management consulting. Many clients of the management consulting industry are expanding globally and thus require more sophisticated and internationally-oriented services. Furthermore, globalization in the management consulting industry is gaining momentum due to rapid growth in internet, automation of consultancy processes and developments in data security.
In response to developments in the industry, management consultants turn to IMC USA for support as they seek to enter new markets and expand globally. With a greater focus on globalization, digitization, and supply chain improvements, the management consulting market is recovering and growing. Through IMC USA’s Certification, Code of Ethics, and Competence Framework we are able to provide a successful ecosystem of support to management consultants, including access to global markets.
If you aren’t a member or have allowed your membership to lapse, now is a great time to join or get reconnected and re-engaged with IMC USA. If you are a CMC that works globally, and haven’t done so, register to be included in the CMC Global Directory by visiting https://cmcdirectory.cmc-global.org.
Stay tuned for more. We are gaining “Momentum” in 2024!
There’s a New Reporting Requirement Coming Your Way
As management consultants, it is essential to stay informed about new legislation and the implications for businesses across the nation. Here’s what you need to know about the Corporate Transparency Act whose reporting requirement became effective January 1, 2024.
The Corporate Transparency Act is a new legislation aimed at promoting transparency in corporate ownership and preventing illicit activities such as money laundering, tax evasion, and fraud. Signed into law on January 1, 2021, as part of the National Defense Authorization Act (NDAA), the CTA introduces substantial changes in the way businesses are required to report their ownership information.
Under the CTA, certain businesses are now obligated to report information about their “beneficial owners” to the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury. Beneficial owners are individuals who directly or indirectly exercise substantial control over the business or who have a significant ownership stake. The CTA applies to a wide range of business entities, including corporations, limited liability companies (LLCs), and other similar entities (e.g., covered entities.) There are exemptions for certain businesses, such as publicly traded companies and those with a substantial physical presence in the United States.
The type of business entity determines when and whether a business needs to comply. If a reporting company already exists as of January 1, 2024, it must file its initial report by January 1, 2025. If a reporting company is created or registered to do business in the US on or after January 1, 2024, and before January 1, 2025, it must file its initial report within 90 days after receiving actual or public notice that its creation or registration is effective. If a reporting company is created or registered to do business in the US after January 1, 2025, then it must file its initial BOIR within 30 days after receiving actual or public notice that its creation or registration is effective.
Since failure to comply with the CTA can result in substantial penalties, including fines and potential criminal charges, it is crucial for businesses to understand their reporting obligations and take steps to meet them. Now is the time to educate yourself and your clients about the new reporting requirements. Staying informed about the CTA and its implications can help businesses adapt to the evolving regulatory landscape, foster transparency, and ultimately contribute to a more responsible and accountable corporate environment in the United States. Learn more by visiting: https://www.fincen.gov/boi.
By proactively addressing these changes, IMC USA members can assist their clients in navigating the complexities of compliance and achieving long-term success.
Call for Nominations for IMC USA Board of Directors
If you have been looking for a way to make a difference, grow your leadership skills and give back to the profession, consider serving on the IMC USA Board of Directors.
Elected positions include: Chair-Elect,* Treasurer (2-year term limit) and two Directors (3-year term).
*Chair-Elect is an automatic successor to the Chair in the second year and Past Chair after completing a one-year Chair term. (3-year rotation)
If you would like to nominate yourself or another IMC USA member, please send an email to the Nominating Committee ([email protected]) no later than Friday, March 1, 2024 at 5 pm EST.
Prospective candidates will receive a questionnaire summarizing their relevant experience and submit a one-page statement supporting their candidacy and a photo. In addition to strong leadership skills and a commitment to actively participate in Board meetings and activities, the Nominating Committee evaluates each candidate’s familiarity and experience with fiduciary, governance and operations of non-profit organizations, their past service to IMC USA and other organizations and interviews the nominee and several references. Upon completion of all interviews, the Nominating Committee will communicate directly with each prospective candidate regarding their candidacy.
Individuals whose qualifications and interests match the board’s current requirements for Director will be included in the ballot for the 2024 elections. Directors that are duly elected will serve a three (3) year term ending in 2027 .
Please note our rating criteria favors candidates who have demonstrated their commitment to the profession of consulting by earning a CMC® certification.
General Eligibility Criteria for Board Service:
- Member of IMC USA in good standing.
- Experience as a volunteer Board or Committee member in IMC USA or other organization.
- Leadership experience within IMC USA (chapter board, chapter, or national committee) or other organizations.
General information about national Board of Director service:
- Board members are expected to attend each scheduled board meeting (quarterly virtual meetings, annual face-to-face board meeting at the national conference, periodic working sessions, special board meetings as needed) as well as attend the national conference and other IMC USA events. The Executive Committee will determine the meeting schedules and locations; the current board schedule will be included in the nomination application.
- Board members are responsible for completing assigned tasks and preparation for each meeting.
- Directors must be able and willing to commit to the necessary time for duties (time commitments vary by role).
Please submit the name(s) of candidate(s) to the Nominating Committee ([email protected]) no later than 5 pm EST on Friday, March 1, 2024.
Questions? Contact Loraine Huchler, P. E., CMC®, FIMC, Chair, IMC USA Nominating Committee, [email protected]; 609-865-8151 (cell)
The Right Way, The Wrong Way, or Just Your Way
As you move into a new calendar year of management consulting opportunities, what, if any resolutions have you made with yourself and your team? Have you vowed to book XX% more business than last year? Have you created laser-focused strategies to go deeper with clients? Or, have you determined expanding your portfolio of services is your targeted path forward?
If you’ve made similar resolutions in the past with moderate to limited success, why not try something different? Why not become laser-focused on ensuring you and your team deliver unquestionably good services grounded in your company’s adherence to IMC USA’s enforceable Code of Ethics? Why not change your business growth strategy to a business operations and delivery strategy to set yourselves apart and ensure you and your team operate in the only way YOU know how – ethically?
What? Doesn’t that sound strategic or aggressive enough for you? Think again. Chasing every prospect never works. Offering every service never works. However, being trusted by YOUR clients for the consistent quality of the work YOU do, the counsel YOU offer, and the way YOU conduct YOUR business does work. So instead of trying to find a new way to win additional business this year, why not focus on doing business the ethical way, the right way, YOUR way?
February 9, 2024 – Lunch and Learn Webinar: Consulting Process Techniques
Are you looking to boost the growth of your consulting practice? Do you have a reliable approach for generating leads? Grab lunch and join us for a one hour training as we demystify the process of business lead generation! Discover a tested and proven process to generate leads effectively. Our guest speaker, Rusty Goodsell, will share valuable insights, practical tips, and case studies to help you navigate the lead generation landscape with confidence. Whether you’re a seasoned consultant or just starting, this session is a must-attend. Don’t miss out on this opportunity to expand your knowledge. Register now and take the first step towards transforming your business’s lead generation efforts.
Guest Speaker: Rusty Goodsell, an accomplished leader and entrepreneur, has honed his unique skillset over 15 years in the tech sector. Today, he serves as the CEO of New Orchard, a leading SaaS company that provides a top-tier technology platform to organizational advisors and consulting firms. Leveraging his significant experience in the consulting space combined with his success in the professional services industry, Rusty offers unparalleled insights and unique perspectives, empowering strategic advisors and consultants desiring to differentiate themselves through an accelerated data driven approach. This is a free, virtual event. Click Here to Register Today!
February 21, 2024 – The Ethics Hour: How to Avoid Ethical Fails When Communicating with Clients.
During this virtual, interactive webinar, we’ll discuss best practices CMCs are using to strengthen their businesses and brand while they follow ethical management consulting practices.
We’ll cover how ethical management consulting practices impact your:
- Branding, Rebranding, or Brand Amplification
- Process Reengineering and Workflow
- Fee Structure
- Targeted Client and Project Pool
- Talent Recruitment, Development, and Retention
- Business Operations
Join us and bring your perspective and experiences to the conversation! Click Here to Register Today!
February 26, 2024 – Meet the Members
Are you looking to explore synergies with other like-minded consultants? Mark your calendar, grab your favorite beverage and make plans to join us for a virtual happy hour where you can meet members of IMC USA. It’s a great way to expand your professional network. Partnering and networking are foundational components of a successful consulting practice and are key to building sustainable relationships. New and existing members alike are welcome to join this monthly virtual event. The is a free, virtual member only event. Click Here to Register Today!
February 27, 2024 – Aiming to Grow Your Consulting Practice: Get Certified
Join IMC USA for a quick and engaging conversation about becoming a Certified Management Consultant® (CMC®). Will 2024 be the year you demonstrate your skills, business acumen, and ethics with a shiny new certification in consulting? It can be! Join Rich Cruz, a CMC®, and fellow IMC USA members, certified professionals, and leaders, for this information session to help you on the road to gaining answers and insight. This is a free event. Click Here to Register Today!
Save the Date: May 22, 2024 | 2-3 PM EST – Ethics Hour: Turning the Dial and Elevating Your Business and Brand | Liz Weber, CMC®, IMC USA Ethics Committee Chair
“Conversations around ethical business practices don’t typically rise to the top of someone’s wish list of things to do, but understanding the subtle and not-so-subtle ramifications of ethical – or unethical – business practices can make or break your reputation and management consulting business.
Why risk making a mistake because you were uninformed? These engaging conversations inform, educate, and help our community of management consultants be the best we can be.”
Become A Certified Management Consultant® (CMC®)
Management consultants who seek to better serve their clients, grow their business, improve their skills, and/or practice within a solid ethical framework are encouraged to go through the certification process.
The Institute of Management Consultants (IMC USA) offers management consultants in the United States the opportunity to become a Certified Management Consultant (CMC®) – an internationally recognized credential as the gold standard in business consulting certifications. The CMC® serves as a differentiator for consultants and provides their practice and their clients additional value within a framework of Business Insight & Aptitude, Practice Capabilities, Consultative Behavior, plus Ethics & Professional Conduct.
Show Your Level of Knowledge
Certification as a Management Consultant from IMC USA (CMC®) demonstrates to potential clients a high level of expertise and knowledge.
The certification also helps business consultants and consulting firm owners/principles run their business more efficiently and have stronger relationships with their clients. Certified Management Consultants® are supported by a Code of Conduct that ensures you keep market value and attractiveness into the future.
What it Takes to Be a CMC®
Achieving a management consultant certification is a worthwhile goal. To become certified, IMC USA has several requirements for eligibility and steps to ensure those who gain the CMC® certification have thoroughly presented their ability to work at a higher level among the current pool of consultants.
While this process can feel daunting, IMC provides education, tools and community to help raise the bar for each individual consultant and help the industry to elevate in ability, knowledge, and ethics. The bottom line is this: certification through IMC sets the standard and provides the support for consultants to move to the next level in their career. Get started today!
Professional Development for Management Consultants
Enroll in IMC USA online, on-demand budget friendly programming to accelerate your consulting practice and achieve your professional goals:
QuickStart is an online interactive training program that:
- Teaches the essentials to create a successful consulting practice
- Serves as a proven foundational framework which includes consulting process and ethics facilitated by an experienced Certified Management Consultant (CMC®)
- Provides a peer group after the training to support your business growth.
Management consultants should attend if:
- You’re just getting started in consulting or if you’re an experienced consultant adapting to an ever-changing marketplace.
- You are uncertain about methods to find prospective clients.
- You are struggling to articulate the value of your consulting services.
- You’re looking for a peer group to help you grow your business
Establish yourself as a credible and reliable consultant in the eyes of your clients with the help of the ISO 20700 Guidelines.This course will help you understand the ISO 20700 guidelines for the effective delivery of management consultancy services. The use of this ICMCI checklist tool will help you apply these guidelines on all your projects, creating transparency between you and your clients.
Any management consultants interested in furthering their professional education should considered this valuable three-module program.
Mastering Management Consulting
In this course, individuals can learn the fundamentals of management consulting from successful, experienced consultants.
- Do you want to deliver more value for clients?
- Are you just starting a new or re-focusing an existing consulting practice?
- Would you like to have more confidence about the right steps in a consulting project?
Participants will learn how to identify client needs, create winning proposals, win more projects, deliver better results, design effective project plans, and execute successful consulting engagements.
Welcome New Members
- Faith Earley, Missouri
- Todd Hedgcoth, Texas
- Elena Huber, Tennessee
- Christine Merriman, Texas
IMC USA Honors Passed Member
It is with sadness and heavy hearts that we inform you of the death of our colleague and friend, Tristram Coffin, CMC®, who passed away in January 2024. Tris, as he was affectionately known, was the President of the IMC USA Colorado Chapter, Founder & CEO of Centennial CMC, LLC and Dedham Consulting Group. He was a dedicated and long term member of the IMC USA community.
In Tristram’s own words, “becoming a member of IMC and then becoming a CMC have been the two best decisions in my career which started in 1962 the day after I graduated from Brown University. A couple of years ago I was elected as the President of the Colorado Chapter of IMC. Please understand that I am not bragging and just want you and others to know that joining IMC, becoming a CMC and staying connected with IMC during my career during which I have worked and lived in (10) states, have been the most positive and rewarding decisions during my (58) year career!”
We are truly grateful for his service to IMC USA and members of the Colorado Chapter. Our prayers and condolences go out to his family, friends, clients and colleagues.
Many Thanks to our Corporate Partners and Supporters